U.S. consumer confidence in the economy unexpectedly rose at the end of this month, according to data released Friday. Inflation expectations moderated despite the recent jump in energy prices.

The Thomson-Reuters/University of Michigan final July consumer sentiment index increased to 85.1 from a preliminary reading of 83.9 and a final June reading of 84.1, according to an economist who has seen the numbers. It is the highest reading since July 2007.

Economists surveyed by Dow Jones Newswires expected the final July index to be little changed at 84.

Consumers gave back some of their enthusiasm about the present economy. The current conditions index at the end of July slipped to 98.6 from a 6-year high of 99.7 earlier in the month.

The expectations index increased to 76.5 from 73.8.

Inflation expectations fell slightly, according to the Michigan report.

The one-year inflation expectations reading for early July dropped to 3.1% from an early-July reading of 3.3%. Inflation expectations covering the next five to 10 years declined to 2.8% from 2.9%.

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